Real GDP Is $2,000 Billion, the GDP Deflator Is 120

question 61

Multiple Choice

Real GDP is $2,000 billion, the GDP deflator is 120 (a price level of 1.2) , and the velocity of circulation is 5. Nominal GDP is

• A)$24 billion.
• B)$600 billion.
• C)$2,000 billion.
• D)$2,400 billion.
• E)$166.67 billion.

Identify the sequence of preparing financial statements and understand the role of a trial balance.

Understand the classification of cash flows in financial reporting.

Comprehend the reporting requirements for different types of expenses on the income statement.

Calculate net income and operating income based on given financial information.

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